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MARKETS & INVESTING | Staff Reporter, Singapore

SPH to issue $150m perpetual securities

They will be issued in denominations of $250,000 on 7 June.

Singapore Press Holdings (SPH) is set to issue $150m in aggregate principal amount of 4.5% subordinated perpetual securities under its $1b multicurrency debt issuance programme, an announcement revealed.

The perpetual securities, which will have no fixed final redemption date, will be issued in denominations of $250,000. “They will confer a right to receive distribution payments at a rate of 4.5% per annum, with the first distribution rate reset falling on 7 June 2024, and subsequent resets occurring every five years thereafter,” SPH noted.

The net proceeds of the perpetual securities issue will be used to finance the general working capital, capital expenditure and corporate requirements such as acquisitions and investments, as well as to refinance the firm’s existing borrowings.

SPH announced earlier in May that it converted its $1b multicurrency medium term note programme into a debt issuance programme, which also saw the Bank of New York Mellon replacing British and Malayan Trustees as the trustee.

DBS Bank and Oversea-Chinese Banking Corporation (OCBC) have been appointed as joint lead managers and bookrunners for the offering of the perpetual securities.

An application will be made to the Singapore Exchange Securities Trading (SGX-ST) for the listing and quotation of the perpetual securities on the Official List of the SGX-ST. The perpetual securities are expected to be issued on 7 June, and are expected to be listed on the Singapore SGX-ST on or about 10 June.

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